Over 28 million, or 56 per cent, of UK adults have no life insurance in place, according to new research from Scottish Widows.
The Scottish Widows Consumer Protection Report, which surveyed over 5,000 adults, found that many do not invest in financial products such as life insurance, critical illness cover and income protection. This is despite the research showing that awareness of these types of products is very high.
Almost a quarter of those surveyed said that they can’t afford life insurance and 26 per cent said the same about critical illness cover. Whilst these insurance products seemed to be largely viewed as 'luxuries', 69 per cent said that broadband was “essential” and 55 per cent said the same about their mobile phone.
Only 15 per cent of respondents said they would be prepared to cut back on their broadband package but 20 per cent said that would cut back on life insurance.
Clive Allison, Market Director, Protection at Scottish Widows commented, “We realise that many people do not like to plan for the unknown, however the importance of doing so cannot be underestimated.
“Our research shows that the majority of people clearly understand the benefits associated with protection products such as life, critical illness and income protection, but that many still don’t adequately protect themselves, their families and their homes.”
